A loan team is about to close a file involving TILA APR and finance-charge rules. Which action should occur first?
Correct Answer
D) Correct the disclosure before relying on the term
Regulation Z requires accurate APR, finance-charge, disclosure, and mortgage-credit practices. The best answer is "Correct the disclosure before relying on the term".
Why This Is the Correct Answer
Regulation Z requires accurate APR, finance-charge, disclosure, and mortgage-credit practices. The best answer is "Correct the disclosure before relying on the term".
More Federal Laws Questions
During intake, a borrower sends a written request for information to the servicer-designated address. What is the best compliant response?
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A branch manager asks about a loan file because a compliance analyst asks why covered mortgage application data is collected. What should happen?
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